Loading...
HomeMy WebLinkAbout0624 i i 3 i f t 8. taapeetloa. Lender may make or caurs b bs made reasonabb entries upon and inspections of the property. provided that Lender that! give $orrower notice prior b any such inspection specifying reasonable pore therefor elated b Lender's interest in ties Property. i 9. Condemnation. The prooeedr of any award or claim for damages. direct or oonrsgwntial. in connection with any oandsmnation ar other taking of the property. or part thereof, or for conveyanw in lieu of condemnation, •ro hereby assigned end shall be paid b Lender. ~ In the event of a total taking of the Property, the proceeds shall be applied b the snmr recured by this Mortgage. with the s:orw, itanY, # paid b Borrower. In the event of • partial taking of the Property. unlew Borrower and Lender otherwiw agree in writing, there shall be i applied b the sums secured by this Mortgage such proportion o<the proceedr aria equal b that proportion which flee amount of flee sums i secured by this Mortgage immediately prior b the date of taking born b the fair market valor of the Property immedtatly priorb the date of ~ taking, with the balance of the proceeds paid b Borrower. [t the Property it abandoned by Borrower, or it, aRer notice by Lender b Borrower that the condemnor often b make an awed or rattle a claim [or damages, Borrower fait b respond b Lender within 30 days after the date such notice i. mailed, Lender is authorized to rnllect and apply the prooeedr. at I.ereder's option. either b restoration or repair of the property or b the soma ~ectered by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds b prindpal shall not extend or postpone thedw date of the monthly irutallrnent referred b in parsgraphr 1 end 2 hereof or change the anwunt of such irutallment. I0. Borrower Not Released. Extension of the time for payment or modification of amortization of the rums secured by this Mortgage ~ Kranted by bender b any successor in inlerert of Borrower shall not operate b release, in any manner, the liability of the original Borrower ,+nd Borrower's rucceasors in interest. Lender shall not be required b commence proceedings against such succerror ar refuse to extend time for payment or otherwise modify amortization of the rums secured by this Mortgage by testae of any demand made by the original Harrower +nd Borrower r successors in interest. 11. !?orbesrance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise ++fforded by applicable law, shall not be a waiver of or preclude the exercise of any ruck right or remedy. The procurement of inruranos or the payment of taxes or other liens or charges by Lender that! not be a waiver of Lerederr right b saxlerate the maturity of the indebtdnew Kecured by this Mortgage. 12 Remodiea Cumulative. All remedies provided in this Mortgage are dtatinct and cumulative b any Ater right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or rtecceesively. . 13. Succerwri and Aulgns Bound; Joint and Several Liability; Csptionr. The covenant and agreement herein wntained shall F>ind, and. the right hereunder shall inure b, the respective suacesron and assigns of !.ender and Harrower, rubjed b the provisions of p+uagraph 17 hereof All rnvenants and agreement of Harrower shall be joint end several. The captions and headings of the paragraphs of thin Mortgage are for rnvenience only and are not to be used to interpret or define the provisions htreo! 14. Notice. Except for any notice required under applicable law W be given in anoth~T manner, (a) any notice to Harrower provided for in t bis Mortgage that! be given by mailing such notice by certified mail addressed b Hortower at /he Property Address or at rush other addrew w Fi+,rrower may designate by notice to Lender as provided herein, and (b) any notice b lender that! be given by exrtified mail, return recript n y ueated, to !.enders address stated herein or to wch other address as [.Ender may designate by notice b Borrower as provided herein. My notice provided for in this Mortgage shall be dcemed b havt been given b Harrower or l.ereder when given in the manner designated htrein. 1.5. Uniform Mortgage; 4overning Law; SeverabilitY. This form of mortgage oombinee uniform cpvenaat formational use and non• ' i uniform rnvenant with limited variations by jurisdiction b rnnrtitute a uniform security inrtrun,ent euvtring real property. This Mortgage Hhal) be governed by the law of the jurisdiction in which the Property it located. In the event that any provision or clause of lh;r Mortgage or the Nate conflict with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect ' without the wnflicting provision, and b this end the provisions of the Mortgage and the Note are declared b be severable_ t 6. Horrower's Copy. Harrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. I T. Transfer of the Property; Assumption. It all or any part of the Proprrty or an interest therein is wld or transferred by Harrower without !.enders prior written consent, excluding (a) the creation of a lien or encumbrance suM,rdinate b this Mortgage, (b) the creation of a . purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death o!a joint tenant or (d) the grant of any leasehold interest of three years or law not containing an option b purchase, Lender may, at I.mdtrs option, declare all the soma secured by thin Mortgage to be immediately due and payable. !.ender shall have waived such option to accelerate if, prior \ , ~u, the sale or transfer, !.ender and the person to whom the Property is b be sold or transferred reach agreement in writing that the credit otsuch ~ ~,e•rson is satisfactory to !.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Leader shall ~'~reyuest. If !.ender has waived the option to accelerate provided in this paragraph 17, and if Borrowers rutxeesor in interest has executed a i ~ written assumption agreement accepted in writing by !.ender, l.endershall release Harrower from all obligations under this Mortgage and the 3 ~~,te. ~ ! If !.ender exercises such option W accelerate, !.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereo! tiuch notice shall provide a period of not law than :io days from the date the notice is rnaited within which Borrower may pay the sums declared x due. If Harrower fails b pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, - invoke any remedies permitted by paragraph 18 hereof. ~ I8. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragrapb 14 hereotspecifying:l l) the breach; (2) the action required to cure such breach; (3) a date, not law than 30 days from the date the notice L mailed to Borrower, by which such breach must ~be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums aec~eered by this Mortgage, foreclosure by judicial proceeding and sale olthe Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the toreclowre proceeding the { non-a:ietence of a default or any other defense of Borrower to acceleration and toreclostere. If the breach is not cared on or # before the date specified in the notice, Lender at Lender's option may declare all o! the same secured by this Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's tees, and ~ costa of documentary evidence, abstracts and title reports. j I 19. Borrower's Right to Reinstate. Notwithstanding !.enders acceleration of the sums secured by this Mortgage, Borrower shall have the right b have any proceedings begun by Lender b enforce this Mortgage discontinued at any time prior b entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all soma which would be then due under this Mortgage, the Note and Hates eECUring Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenant or agreement of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by !.ender in enforcing the covenant area agreement of Borrower contained in this Mortgage and in enforcing Lenders remedies as provided in paragraph 18 hereof, including, but not limited b, reasonable attorney a ices; and (d) Borrower takes such action as Lender may reasonably require b swore that the lien of this Mortgage, Lender's interest in the Property and Borrowers obligation b pay the sums secured by this Mortgage shall continue unimpaired_ Upon such payment and care by Borrower. this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. g 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Bonorver hereby assigns b Lender the rent of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the Property, have flee right to tolled and retain such rent as they become due and payable. 1 -Upon acceleration ender paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a court b enteraepon, take poesewion of and manage the Property and b tolled the rent of the Property, including tbase past doe. All rent collected by the receiver shall be applied first b payment of the costa of managementof the Property and collection of rents, including, bat not ~ # limited b, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then b the soma secured by this Mortgage. The receiver shall be liable b account only for those rent actually received. ~ Bn7K JJ5 -PAGE V(.?•~ x. = = -